Here's the Edmonton housing market in December 2016. Single family homes have seen an increase in price but take on a huge dive in sales volume.
Average sale prices for single family homes are up 1.76% compared to November 2015. However, numbers from the REALTORS® Association of Edmonton suggests a decrease in sales volume at 11.41% compared to this time last year. The decrease in jobs, Edmontons economy and the increase of those moving out of province can account for these numbers. Many changes made from the Bank of Canada this year has challenged first time home buyers and homeowners looking to upgrade.
Who's taking advantage in the real estate market right now? First time home buyers, those who are upgrading and real estate investors. Why? Because the changes from the Bank of Canada has made it more challenging to buy a home. There are more listing this year then 2015 and less people are purchasing. This increases the motivation of sellers due to high competition between listings and low demand of buyers who can still afford a home with the new mortgage changes.
How many days does it take to sell your home and what does that mean? It takes 63 days on average to sell your home here in Edmonton, Alberta. This time last year it was 59 days. Not a large increase but it doesn't show that fewer homes are being bought and sold in 2016. This means when people go to sell, they have to pay close attention to 3 factors. First, the list price. Pricing has to be well within comparable homes that sold in the last 90-180 days. The longer a home is on the market the less desirable it is at the list price. Second, show experience might be the difference between two home similar homes listed at the same price. Things homeowners can do to impove are; clean, organize and declutter their home. The third factor is to have the right real estate expert to help. In todays competitive market, someone is needed to out preform the average in marketing exposure by online views, the quality of video and photos, and the ability to negotiate the best price.
In todays market, buyers are finding homes that are well priced and in great condition to sell very quickly! Price ranges between $350k-$550k sell quite well if priced right! However, listings that have an average experience see 2, 3 or 4 price reductions before they sell. Some listings hang around on the market until they expire. For most buyers, they are willing to wait for the right home escpecially where there is many to choose from.
See the infographic below based on homes for sale. The REALTORS® Association of Edmonton explains the statistical information in today real estate marketc here in Edmonton (CMA) and all areas like Sherwood Park, St. Albert, Beaumont, Leduc, Spruce Grove and etc.
RE/MAX River City